GM forecasts flat 2020 profit after a rough 2019; shares gain
FILE PHOTO: The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo
The company said pre-tax profits were 5 cents a share for the latest quarter excluding certain restructuring costs, down from $1.43 a year earlier. Analysts had forecast pre-tax income of a penny a share for the latest quarter. GM said income from its joint ventures in China fell to $200 million in the fourth quarter from $300 million a year earlier, as wholesale vehicle deliveries fell by 20%.
GM Chief Financial Officer Dhivya Suryadevara said Wednesday the automaker had “people working around the clock here to mitigate the impact” of disruptions to production and parts supply from China’s deadly coronavirus outbreak. GM will make decisions to restart idled operations in China “plant by plant,” Suryadevara said.
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